Corporate Update on Peru Transaction
December 11, 2017
Westminster Resources Ltd. (TSX.V: WMR) (Frankfurt: 08W2) is pleased to provide an update on its proposed transaction to acquire IOCG and porphyry copper projects in southern Peru. Conditional approval was granted by the TSX Venture Exchange on Thursday, December 7, 2017.
A technical report on the projects has been submitted to the TSX Venture for their review. Legal due diligence is nearing completion, and Jason Cubitt, director of Westminster Resources, is in Peru finalizing plans for the transition. Glen Indra, President of Westminster Resources commented “Westminster is excited to be moving ahead with this acquisition – copper prices have continued to trend upwards, and the Ilo Norte and Ilo Este Projects have exceptional potential”.
As released on September 9, 2017, Westminster is acquiring a 100% interest in 3 groups of concessions totaling 36,225 hectares in southern Peru, covering both Iron Oxide Copper Gold (IOCG) and porphyry copper styles of mineralisation. Ilo Norte is 29 km north of the port city of Ilo and is reported to host IOCG and Skarn replacement style mineralisation in a package of Jurassic-age volcano-sedimentary rocks. Substantial historical drilling has returned both high-grade copper over intervals between 3 and 6 metres in length, as well as 15 to 30 metre-intervals of continuous mineralisation. Ilo Este is a large copper porphyry system with coincident gold, silver and molybdenum mineralisation which has been mapped at surface over an area greater than 3 square kilometres, with a similar-sized extension to the east. Additionally, Westminster is acquiring concessions covering 9 other earlier-stage projects, all within this same Coastal IOCG/Porphyry copper belt in Southern Peru, providing a pipeline for future value creation.
Regionally, it is reported that over 125 billion pounds of contained copper in published reserves and resources are found within 100 kilometres of the Ilo Norte and Ilo Este concessions, with approximately half of Peru’s copper production coming from this region.
This transaction remains subject to shareholder and final TSX Venture approval, and the Company cautions that it has not done any work on the projects to confirm the information contained in this release. The information in this release has been sourced from the seller, Latin Resources Limited, which is listed on the Australian Stock Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
Westminster is in the process of acquiring two 100% owned, highly prospective copper properties in Southern Peru. The projects comprise of concessions totaling over 36,225 hectares on the country’s prolific coastal copper belt, source of nearly half of Peru’s copper production - the world’s second largest by tonnage. Exploration drilling has been completed, through which both IOCG and Porphyry style mineralization have been identified; demonstrating significant upside for the development of the properties.